European Council approves final procedure for EVFTA

Update:
March, 31/2020 - 15:14

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A frog meat processing line at Tân Thành Lợi Co., Ltd., in the southern province of Long An. The product is exported to the EU. The company expects to raise its export in the future after the EVFTA comes into effect. — VNA/VNS Photo

HÀ NỘI — The European Council on March 30 passed a decision to ratify the EU-Việt Nam Free Trade Agreement (EVFTA), paving the way for the deal to come into force.

Once ratified by the Vietnamese National Assembly in May this year, the deal will officially take effect at the beginning of the summer.

The EVFTA is expected to help Vietnamese enterprises reap the benefits of the trade pact, pushing up Việt Nam's exports and diversifing its markets.

Under the agreement, Việt Nam will cut 65 per cent of import tax on EU commodities right after the deal takes effect, while the rest will be erased over a 10-year period. Meanwhile, the EU will cut more than 70 per cent of tariffs on Việt Nam's commodities right after the deal takes effect, while the rest will be abolished in the seven subsequent years.

The document, together with the EU-Vietnam Investment Protection Agreement, was signed in Hà Nội on June 30 last year. They include intensive, extensive and comprehensive commitments covering the fields of economy, trade, investment and sustainable development issues. — VNS